Market Live: Nifty opens above 10,000, Sensex rises 100 pts; pharma, metals shine
Tue Oct 10 2017
Rajesh Sharma (2003 articles)

Market Live: Nifty opens above 10,000, Sensex rises 100 pts; pharma, metals shine

10:03 am Buzzing: Shares of Biocon added 3.4 percent in morning trade on the back of complete response letter (CRL) from USFDA.

The US Food and Drug Administration has issued a complete response letter (CRL) for Mylan’s biologics license application (BLA), a proposed biosimilar pegfilgrastim.

This said product is a part of the biosimilars portfolio being developed jointly by Biocon and Mylan.

The CRL relates to the pending update of the BLA with certain CMC data from facility requalification activities post recent plant modifications.

The CRL did not raise any questions on biosimilarity, pharmacokinetic/pharmacodynamic data, clinical data or immunogenicity.

“We do not expect this CRL to impact the commercial launch timing of biosimilar pegfilgrastim in the US. We are committed to working with the agency to resolve the issues stated in the CRL expeditiously,” company said in release.

9:59 am Rupee trade: The rupee appreciated by 9 paise to 65.26 against the dollar today as rising risk appetite pushed back the US currency amid a higher opening in domestic equities.

The risk-on approach pushed exporters and banks increasingly away from the dollar.

The greenback ran out of luck overseas too, snapping its winning streak, as it fell against major peers.

The rupee uptrend got a leg-up from a positive opening in the local stock market, according to traders.

9:48 am Record date fixed: India’s second largest software services firm Infosys has fixed November 1, 2017 as the record date for its up to Rs 13,000 crore share buyback programme.

“The Buyback Committee has approved and fixed November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders to whom the letter of offer will be sent and will be eligible to participate in the buyback…,” Infosys said in a regulatory filing.

It added that the buyback proposal had been approved by the Board on August 19 and by the shareholders earlier today.

The share buyback, which will be the first in the company’s 36-year long history, will see Infosys buying back over 11.30 crore shares at Rs 1,150 apiece.

9:40 am Management interview: Tata Steel has potential to double its domestic capacity, according to its chairman N Chandrasekaran.

“I think it’s fair enough to say whether organic or inorganic, we have a potential to double our capacity in India,” Chandrasekaran told CNBC TV18 in an interview.

Tata Steel India, he said, is a well-run business and it is slated to perform extremely well as there is a demand as well as a market in the country.

 

9:30 am Order Win: Larson & Toubro (L&T) has emerged as the lowest bidder of the tender issued by it for the procurement of 50 lakh smart meters to be installed in Uttar Pradesh and Haryana, state-owned EESL said on Monday.

L&T share price gained nearly 1 percent in early trade.

At the rate of Rs 2,722 per smart meter quoted by L&T, the total worth of order works out to be Rs 1,361 crore.

“L&T has emerged as the lowest bidder of the tender issued by Energy Efficiency Services Ltd (EESL) to procure 50 Lakh smart meters,” the EESL said in a statement.

According to the statement, the company has been selected through an international competitive bidding. The meters will be installed over a period of 3 years in a phased manner in Uttar Pradesh and Haryana. L&T quoted the lowest price of Rs 2,722 per smart meter.

9:25 am IPO subscription: The initial share sale offer of MAS Financial Services was oversubscribed 4.81 times on the second day of subscription on Monday. The issue will close today.

The IPO, to raise Rs 460 crore, received bids for 3,42,91,872 shares as compared to the total issue size of 71,24,910 shares, as per NSE data.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 5.74 times, non-institutional investors 47 percent and retail investors 6.29 times.

9:20 am Buzzing: Shares of Lupin rose 2 percent in early trade on the back of USFDA approval for Nadolol tablets.

The company has received final approval for Nadolol Tablets USP 20 mg, 40 mg and 80 mg from the United States Food and Drug Administration (USFDA).

The Nadolol tablets is a generic version of US WorldMeds, LLC Corgard Tablets, 20 mg, 40 mg and 80 mg.

The tablets are indicated for management of patients with angina pectoris and for the treatment of hypertension.

9:15 am Market Check: Equity benchmarks started off trade on a positive note Tuesday despite mixed global cues, backed by healthcare, metals and select banks stocks.

The 30-share BSE Sensex was up 82.94 points at 31,929.83 and the 50-share NSE Nifty gained 23.75 points at 10,012.50.

About 777 shares advanced against 214 declining shares on the BSE.

Lupin, L&T, Indiabulls Housing, IndusInd Bank, M&M, Aurobindo Pharma, Cipla and Tata Steel were early gainers while HDFC, Kotak Mahindra Bank and Axis Bank were under pressure.

Nifty Midcap was up 0.4 percent. SPARC, Biocon, NCC, NBCC, TVS Electronics, Graphite India, HEG, Goa Carbon and Bombay Dyeing rallied up to 15 percent.
Asian markets were mixed, with the Japan’s Nikkei 225 rising 0.43 percent after markets reopened for trade following a long weekend. South Korea’s Kospi surged 1.85 percent while China’s Shanghai was down 0.3 percent.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

Discussion

Rules of Discussion on Live Index

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.